The Innovate Fund Provides $15 Million Financing for HBCU Claflin University

ORANGEBURG, S.C. (FEB. 27, 2022) — Claflin University will soon break ground on construction of a three-story activity center, which will be made available to the greater Orangeburg County community, because of investment from The Innovate Fund. The Innovate Fund, a New Markets Tax Credits (NMTC) Community Development Entity, provided $15 million, part of a larger $18.5 million financing package, to assist in the construction of the 82,000-square-foot center. The project, located in a Persistent Poverty County with a poverty rate of 29 percent, will feature classrooms, student life and learning space, meeting space, an event center, food court, and a movie theater.

Claflin Vice President for Fiscal Affairs Tijuana Hudson estimates that in addition to serving its student body, more than 3,000 community members will take part in activities provided by the center. “Claflin University, the oldest HBCU in the state of South Carolina, has determined that a Student Activity and Community Center within the heart of campus where the community and students meet generates the best opportunity to impact multiple areas of focus and furthers the University’s desire to blend the University and community together,” Hudson said.

The project will focus on economic inclusion, equity and racial justice, partnerships with Orangeburg Calhoun Technical College, and other workforce development initiatives, in this rural area with a 20.8 percent unemployment rate. The Innovate Fund partnered with South Carolina Community Loan Fund (SCCLF) to make the transaction possible. Brendan Buttimer, the Upstate Community Development Loan Officer for SCCLF and NMTC Advisory Board member for The Innovate Fund said: “The Claflin University Student Activity and Community Center will have tremendous impact on this non-metro county. We were pleased to participate in the deal by providing additional allocation, and we always look forward to opportunities to partner with The Innovate Fund.”

The Innovate Fund would like to extend a special thank-you to Sen. Lindsey Graham, Sen. Tim Scott and U.S. Rep. William Timmons?? for their support of the NMTC program. Additionally, without the support of Wells Fargo and the South Carolina Community Loan Fund, The Innovate Fund’s investment would not have been possible. _____________________________________________________________________________________